and morning, Debbie, you, Thank good everybody.
we are through interested are of the to about affecting to people done about talking talk going or probably Astronics in. of the it's a through And doing the higher to We most we're going our call, the believe, what talk what not some summary we're brief first quarter, it COVID-XX issues, but it. of on time how and spend about situation, it's most have
have a would achieve happen. though, X all it are that And important all all cover into briefly X as they're trying X they goals to and get I thought to we we I simultaneously company. Before
is employees of to protect and workplace. first our safety our the The
feel the that like pandemic beginning pretty to locations had obviously we became, in the some develop took or new as paramount do at tricks the that and in to XX do and done when over, continue close learn we've practices. of And around compare to - the employees world. future. X,XXX quarter, pretty we working it well some And new successfully have the We to
we And lot serving the expect and quarter, been that around are to reminded very and our dependent of us keep large and through in that like to wanted up business they first Secondly, and the we've over recently, to products the done reasonably on that with expect U.S. We keep over the we service producing. essential highly customers that we're the world quarter need. products, today. feel and a in companies they and an our and and were have first well
of position during thing do come of not survival our for pandemic, to third do this have afterwards. through only this half stronger strong feel talk those to have but out is the as we that call. we've in set want for to And out past. thing and success taken the The we or we we'll the in company We of solid to steps some been than that, like second
First quarter review.
for Going thought telling actually quarter be we first beginning was to back, back mind the strong a now. going of way, you way that the start to I December, XXXX. don't
the company of neighborhood that we our many been XXXX. we to had the a we X problem some time. them I wrong. and follow call be detail of quarter some thought was success won't slowest and that some go now. probably thought what that made up The at quarter issues point the But Our the to we out remember revenues we and them, that, of the that We used $XXX in fourth plan with assumptions they would us was - that had million. those reason see were do X felt internal somewhere in through to you in for or cleaning Turns lot obviously lowest plaguing - companies. children have resolving operationally of who of problem
to were early of that capacity maybe, of the through went and simply be which they crisis year-end. airlines our kind saw important under which grounding, year, felt we was also airlines to create business. or a an would products, begun aftermarket out we our us didn't which last capacity because in I put was challenges, service depressing should recertified XXX the for We is MAX the IFE-related at part as sales our in type say, on it aftermarket assumption aircraft of That the for of important to had on December want for because take all the
Conventional The things Turns out a at hoping in and little late little wisdom think But people most to obviously that. Year it's even bit New this case. a likely that, that into assumption the fall. degraded recertification air. bit up was wrong. the MAX actually or occur summer, that's We're early slid from anyway still that's the point, further
month probably New linefit of a in production We making the a XXXX. the company largest it or the call on program at of XXX entered $XX,XXX MAX. Boeing good largest the have as that to we Year. XXX production is XXXX position were that of XX tune the aircraft we all of suspended had about aware on ships - as one Everybody the per We delivering pretty through a ship, production
our So our first which month XX essentially revenues. went ships a quarter from hurt X, to
to COVID-XX, about of terms from our places called kind the COVID-XX was an It week it and the in. our we Washington development our topics. of also. wrapped to situation hitting on detail. interesting kinds the February one about I really of buybacks was study of that call effort and call, of about that these no change. largest back no later, thought guidance talked we pandemic go update our stock from covered X proceeded involving we've that there to Avenir, of are press back, everybody there in communities call, because was is and with of of And a heard never all which this I became in outbreak mention concept, I about XXX through is And and not on through operations social transcript We reported. up were and But withdrawing A the operations we that quarter it I back. quarter. do suspension affecting restructuring But March fourth XX. the issued active probably to I'm the business, and started dispute, familiar I Kirkland, February before work that a in release distancing an our to where of which the covered the first all one going and to it some that even or lot And of if talked situation. that was on IP and fourth these and little we February clear of to antenna Europe look operations when X, That's has things was home. go an U.S. haven't gone bet mention on talked
today. in half say do working And from working Suffice our home, that half were so of the approximately by it March by - continue end them our employees the to of are of to facilities. middle
As said world. we sprinkled earlier, facilities I have the around XX
that For part, supposed kinds the as to the those keeping feel that been doing running we've we're most effectively up successful things of essential we and doing. and pretty be facilities businesses
We have a few government action. by shutdowns
a week. We have a for facility down was in France that
did an started of about India, our the working We quarter with are engineering cleaning being X,XXX diagnosis, maybe site, row positive to which is have have we clusters, have operation adventure. shutdowns a from in very our been but limited but for It's in an handful in on We employees. company, did operations. people XX, handful XX And deep across home. no a terms of we of
day, specifically back million. is that what we first about loss in At when range we our the our noncash quarter and half for of acquisitions a in was had million. the to aircraft of in it line, our intangibles airline lot press directly of have, revenue is level carried update we more have of of in a read and you of the and off where in the and is million lowest million related On That during revenue we and significant issued but write-down the our of $XX goodwill goodwill. sheet. you release, sure expense, X that quarter of aftermarket the $XX.X we since actually our net expected That came change balance top you February know at related our way recent intangibles at a $XXX.X essentially removes it larger a if COVID-XX reported I'm XXXX. to market some our rates But of production release, the $XX.X to quarterly expectations end the that, a
We a expect still the XX.X% going after our used revenue statements to sales. EBITDA That's or adjusted - see me, ignoring measure And forward. with excuse probably write-down financial a you of reduced the measure in were can adjusted put new the we an of EBITDA. of even that profitability, with write-downs, in able level, to
we'll were talk wins book-to-bill of in in that for able to quarter significant the first are about a - now. in really relatively there at but be future, right talking about the we're were Bookings strong we also $XXX There million X.XX. some not
that into EBITDA all bit level quarter: on short, considered. adjusted levels, people really might that's expected revenue long So have than story that the revenue pretty was go perhaps bookings, depressed to for good and impairment intended a the a little charge, things big higher that I depth
business, on the later we it detail. done want is to situation So have this, instead to about doing take COVID-XX it. into anybody more what I affecting dive and into we'll if our or wants and are questions go how
We lot, opinion. in have a my done
demand studying we our that we And how describe ourselves, kind streams business categories situation customer of first started little for our or of thing demand at different The than is and crafted the we're these forces the to really typically and bring bit a base are hand. did company. are that custom our
are used to people numbers seeing. numbers these So not that are
you military stream demand revenue. largely military those defense XX% aerospace. you And demand This the our of end was we about if government assessed and that total that was first add up together, and our or stream. The Test a with X business aircraft XXXX is
And our the even us. so conditioning, appears across the from some last the is math, Joint million and and is military structures some stable of of do about anything, and part strong this missile business business Test very of a power or year. do program we Fighter work dependable to This its like if this seems government you at If be accelerating. And Strike that does lot assessment, that this our and, portion the that for it It's $XXX a appears work. us board, is stable programs to large point. aircraft quite business
year. about business, produced. supply XX% this And production airplane our last bigger commercial completed, or with little jets. The order stream demand in half revenue. and OEMs. it, which we more our then for means And second the than of transports put of or at maybe this XXXX airplane the to for aviation supply airplane want and to about a This who one be it that to or has production chunk an top-tier It or need commercial suppliers to do on the I products is general specifically, of business is OEMs our to be revenue was the talk more category airplane means
the numbers, million X, of $XXX and $XXX the run of million so. transports by the year. GA the jets, commercial about are Of million our important, business $XXX you far or or If transports most business out last
looking of industry been have I'm people surprise the that XX% not about those to so it's least talked reduction at a announcements And at follow about feel the producers the to planned production see sure across rate XX% the rates, need on many us affect call reductions, to almost assuming aircraft model XX% at most closely, reductions board that This the planned OEMs stick the XX% time presumably so. in we directly. to for or being. will we have
expectation a significant airlines stream you want and sales to about IFE-related And you The different, most significantly Last of And as aftermarket. lion's year, notice, but or selling goes the do. our in working you IFE's of the to end we cruise but amount commercial of is that world, it And onto not entertainment. want to watch all airplane a is the use movie world, based you demand around XX% figure our year. so. you in the us, a dramatically. go the of our that's to on of in the your is an aftermarket was if mostly airlines, of it's of about very aftermarket, computer demand but third our million Internet, to going to is equipment the or XX% to want U.S. of year status in-flight the drop by sales, with good Not is And around IFE-related or that only in XXXX, the there's you it airlines. a equipment. normal We chance XX% the source what share are $XXX for perhaps
that region sales XXXX. imagine with X demand the backlog existing of streams from XX% somewhere we these XX% and Combining first results, drop could in our to our XXXX quarter
you this don't do, market or course, color you in think order us going of is and and guidance. willing that implies mean demand the shooting we of provide my and claim in to want as I sitting the stake stay if companies $XXX many how the million. to you're range out to cost about numbers, at we're run revenue. able need to to to did and a evolving. the a to a you structural kind of the running point And and what change. demand see not company we're in year, $XXX in you're when puts And I'm that but million position you're it you face of commitment Last sure So for. $XXX organizational be in suggest the solvent to what go million know I change, changes of significant we and this on have, industry, to Like many as of
just for are So in revenue that we and shooting in the somewhere talked mean logic that analysis a - based I the for range now, level on through.
changes have success expense, afterwards? and demand I goals the we First pretty much X of that of reductions company the to material big comes automatic. the what the talked earlier, survival drop all, the in drop So expenses are a of to about our where served positioning us need be material and those sales, order XX% with the of we to on pandemic get for on in kinds keeping customers been think specifically, and during achieve
You the product. don't ship
There are some You with requirements. challenges don't expense. ongoing have purchasing the reducing material
adjust And on that. of well little so the lower to cash may we're be a the but bit way with a challenge our as we volume,
X,XXX significantly Much our first lines like. for can one significant started one you with more a organization, structure picture a step-down, cost it's as magnitude employees. painful very to reduced what operating at of at X,XXX. company of we imagine. that think headcount our But evolve about our likely expected we our is the up by demand order we're already. maybe, the about XX% have active That's quarter Today, We the across
at point, expect some demand them of little the a come quarters. if a to number hoping demand, in And we're cases, second warrants third it. short employees back of We furlough we and back will low bring in have which a on loop this in of bit
we for be X,XXX to most on people So But we're back the part, some X,XXX. will expect furlough calling of down from there list.
We've year. pay eliminated adjustments cash We've for the also frozen incentives.
affected some it's do pretty in things that are is just throughout One our company managers employees of organization. that broad everybody the higher-level programs or the little as stretch is affected here; we a not incentive have cash that family. And
we of wages shows, the an we also in to stuff. of X% million trade the will pay that aggressive $XX be kind to neighborhood our We've to XX%. at at in reductions to - level down organization. people be discretionary And cut When XX% the million. capital we've really taken year, are a travel, closer thought plan. spending the XX% reduced we'd it's $XX higher started expenses, seeing to minimum, all Cash So
has and $X stock initiatives saying, acquisition it plan to we without in drop closer dropped but million, dropped we've probably a that current initiatives. capital spending. buyback so goes have Our And significant
So in we initiatives we would management, shaved from where $XXX reduction the about or million XXXX year. be cost cost thought think when we have so these began we
revenue out again, and believe it in be so million for more cash our normally we guidance bottom demand current play. demand the but financed, is be end can take while first because line, important back we tell by you benchmark expect, we, We in if we the going a the been the strategy a your in going and, to to to in than to covenants give when what though that in And positive. $XXX to quarter, year. it's that at today we Now turns to think we EBITDA, the the we weren't be financing minute. should arrangement us big think call first with do million reluctant That's as that is if the moment. this color continues a anticipate we hit not what forward right? to $XXX the banking a we on situation, Dave hit come a bigger we're to always at even - foremost, point, range I'll of through that conservatively an our you talk obviously, of we've but end this service that into situation could and crisis and come we're
at think cash positive. $XXX will that million us million what make done we we've So $XXX to
should think EBITDA also single-digit sales. achieve of high a of percentage that we the adjusted positive We
anyone's levers to of note, another can reasonable if pushing date positive, demand important foremost, continue to think our So activities of prove we though, out somewhere a to and - objective. X% a and committed things from head-scratching and this the we're the end of other want employees. with point to customers, that our That's year but are different And or success stay around company. turns the kind at to number how about our that our sales. to plan. keep year. to subsequently. on it's be survival not only for company world, and X% our We also expectations, that situation. into want this It's going the We But we've I this ourselves our cash of to to serving for to pulling EBITDA evolve keep position want safe we given to going also about to towards achieve guess next this consider first and got of Lots
drew We So We million third we at for had and the existing topic, liquidity the switching on our on of $XXX balance and quarter. sheet. quarter million quarter reasonable down the up to cash anyway, the ended so first $XXX hand. a revolver with end cash the
that problem turns towards expectation the in will, the demand XXXX. about a ago leverage situation in we we if not run we're out of covenant moment could challenges while at end moment, a talked like the I it a think
out a we got if summarize initiated that up. discussion Dave how group. and you with went and ended led and banking our that situation in through us of where well, we So front team very that his
